Babatunde Shobayo

New Developments In The Nigerian Payment System: The National Domestic Card Scheme (AFRIGO)

New Developments In The Nigerian Payment System:  The National Domestic Card Scheme (AFRIGO)

INTRODUCTION

The Central Bank of Nigeria (CBN), in line with its mandate to promote stability, inclusion, and growth of the Nigerian financial and payment system, introduced the “National Domestic Card Scheme”, in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS). The payment card was unveiled on the 26th of January 2023, in a bid to strengthen the cashless economy.